CMA Competency Framework
The Chartered Management Accountant has now become more of a business advisor with diversified vision ,who understands the dynamic of business as an organic whole, than being a typical "finance person". the CMA competency Framework shows the range of technical, finance,management,business skills that management accountants need to perform their role in the industries. The framework consists of five knowledge areas as under.
- Management And Leadership
- Governance, Laws and Ethics
- Business Acumen and Decision Making
- Reporting & Analysis
- Technology and Innovations
Management and Leadership
Qualified CMAs have diversified skills in the field of Management accounting and
Management. CMAs hold pivotal managerial positions in the corporate sector due to
their competencies over the basic management functions, team motivation, resources
optimization, strategic goals achievement and risk management. Management and leadership
competency enables CMAs to:
Governance, Laws and Ethics
The CMAs have assumed the role of business advisors who understand the dynamics
of Laws, Governance and other regulatory directives. These competencies are used
by CMAs to help corporations run smoothly on practical, ethical and legal bases
and establish a foundation for continued growth and success by interacting with
regulators and other stakeholders. By acquiring Governance and Ethics competencies
CMAs can:
Business Acumen and Decision Making
CMAs provide necessary information to management for taking short and long terms
decisions in Corporate environment. These competencies give insight to analyse revenue
channels, marketing activities, controlling, monitoring, bugeting and other finacial
decisions in order to find the most profitable business model by curtailing cost
in an efficient manner. The CMAs have competencies to:
Reporting & Analysis
CMAs are expert in evaluating financial transactions from book keeping to reporting
of financial statements as per accounting and financial reporting standards. CMAs
are proficient in analysis of financial statement for management and external stakeholders
and also depict how a company is performing over a specific period of time. Under
the Reporting and Analysis Competency, CMAs learn to:
Technology and Innovations:
To keep up with new technologies replacing many of the accounting skills traditionally
in demand, CMAs need to refine and perfect their skills in a variety of areas. These
Skills enable the CMAs to analyze, design and operate the information system, develop
and maintain its security, perform system audit and innovate easier and optimum
business solutions to align the organization’s data strategy to its business strategy
in digital era. Technology and Innovation competencies enable CMAs to:
